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Sun 6:51pm: Forgiveness of Sunshine Inc. debt considered

August 4, 2013
By RAYMOND L. SMITH - Tribune Chronicle , Tribune Chronicle | TribToday.com

Coming Monday...

WARREN The City of Warren and Trumbull County might forgive $737,578 in debt owed by the embattled nonprofit housing agency Sunshine of Warren Trumbull Area Inc.

If repaid, the money could be used to improve housing for low- and moderate-income Trumbull County residents.

The federal department of Housing and Urban Development provided the HOME money in the early to mid-1990s to a consortium made up of Warren and Trumbull County. The consortium loaned the money, nearly $1.8 million, to Sunshine.

Sunshine paid the debt down to its current level by 2003. It has not made a payment since, according to a report done by Anderson, Metzger & Co. for the year ended Dec. 31, 2011. Sunshine Director Anthony Iannucci presented the report to City Council in May.

Iannucci, in a recent email to the Tribune Chronicle, emphasized Sunshine paid on the loans during the first 10 years.

Warren Community Development Director Michael Keys, the city's representative in the consortium, said a request for help came in 2003 from a previous Sunshine director.

"Our options were to either work with Sunshine and get them through the rough patch or foreclose on the properties. No one wants foreclosures because of all the people that would be put on the street."

Read the full story in the Monday Tribune Chronicle.

 
 
 

 

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